Cheapest Cities to Rent in Texas
If you’re planning to move to Texas, relocating within the state, or considering an investment in real estate, you’ll find our list of the most affordable cities to rent in Texas valuable. This guide will help you navigate the diverse rental market in the Lone Star State.
Texas is well-regarded for its year-round pleasant weather, inviting landscapes, and cultural diversity. According to US News, it boasts a robust economy and ranks #34 in higher education nationwide. Given these benefits, it’s easy to see why Texas is a favored destination for many.
The state’s rental market reflects its size and diversity. Over recent years, Texas has seen a surge in population, largely due to its lower cost of living, flourishing city cultures, and promising employment opportunities.
While the demand for affordable rentals is high, not all cities in Texas can be classified as cheap. However, there are areas where the average rent is notably lower than in the rest of the state. Continue reading to discover which cities offer the best rental deals in Texas.
Texas Rental Statistics
Before we dive into the most affordable cities to rent in Texas, let’s look at a few general rental facts and statistics:
- The average rent in Texas is $1,113 per month, compared to $2,016 nationwide
- Across the U.S., rental rates have increased by 31% in the past ten years
- Approximately 109 million Americans reside in rental housing
- The state with the highest number of rental units is California
- About 36% of households in Texas rent their homes
It’s clear that Texas is a more affordable living option than the national average and presents attractive opportunities for renters and real estate investors alike.
Renting can offer flexibility and freedom from the costs and responsibilities of home ownership, making it a preferred option for many. It allows individuals and families to adjust their living arrangements based on changes in their lifestyle, job location, or financial situation.
For those new to Texas or relocating within the state, renting can be an excellent way to explore different cities and neighborhoods before committing to a permanent residence.
From an investment perspective, the strong demand for rental housing, coupled with below-average rental rates, positions Texas as a promising market. Real estate investors can potentially reap significant returns by providing affordable housing options to the large percentage of Texans who prefer to rent.
Cheapest Cities to Rent in Texas
This list of the most affordable cities to rent in Texas does not just focus on rental prices alone. We’re taking a comprehensive approach, examining various factors contributing to the overall cost of living and quality of life in each city. This includes:
- Population: The size of the city’s population can impact the availability and pricing of rental properties.
- Median Home Listing Price: This gives us a sense of the overall real estate market in the city.
- Average Number of Days on the Market: This helps us understand how quickly properties are rented or sold.
- Typical Home Value: This provides insight into the average worth of homes in the city.
- Median Household Income: This figure offers a glimpse into the earning potential in the area.
- Average Rent Price: Most crucial to our analysis, this tells us the typical cost of renting a home in the city.
Whether you’re a potential renter seeking the most value for your money or an investor scouting for high-return opportunities, our analysis will provide the insights you need to explore these affordable Texas rental markets.
Here are the top five cheapest cities to rent a house in Texas. Let’s dive in!
1. El Paso
- Population: 681,728
- Median home listing price: $226,298
- Average number of days on the market: 25 days
- Typical home value: $128,319
- Median household income: $47,568
- Average rent price: $837
Home prices are very reasonable in El Paso compared to the rest of the state, which makes investing in rental property here a sound choice. As a result, renters can enjoy lower rates, while investors can make a solid rental income. El Paso stands currently as the cheapest city to rent in Texas!
2. San Antonio
- Population: 1,547,253
- Median home listing price: $262,000
- Average number of days on the market: 39 days
- Typical home value: $143,126
- Median household income: $52,455
- Average rent price: $992
Many are drawn to the region for its affordability and end up staying long-term. Because of its reasonably priced homes and wide range of rent prices, the market moves quickly. Homes tend to stay on the market for an average of 39 days. However, affordable rent can be had here for singles, couples, and families who are drawn to the area for one of the cheapest places to live and rent in Texas.
- Population: 1,343,573
- Median home listing price: $418,700
- Average number of days on the market: 38 days
- Typical home value: $193,646
- Median household income: $52,580
- Average rent price: $1,052
Rent is affordable here, which as a result, draws many to the area. Both the real estate and rental markets thrive in Dallas. While the average home price is higher than other cities, homes in this area typically appreciate well in value and are a good investment. Purchasing a home here and renting it out provides a reasonably good return on investment.
- Population: 2,320,268
- Median home listing price: $295,914
- Average number of days on the market: 43 days
- Typical home value: $177,555
- Median household income: $52,338
- Average rent price: $1,041
Rent here is affordable, and many people choose to live here instead of in nearby Alvin or Beaumont because of Houston’s reasonable rent price ranges.
Houses here sell at a more extended pace, being on the market an average of 49 days, but the real estate market is still healthy, and good deals can be found by savvy investors. Ranking it number 4 on our list of cheapest cities to rent in Texas!
- Population: 978,908
- Median home listing price: $599,722
- Average number of days on the market: 30 days
- Typical home value: $337,187
- Median household income: $71,576
- Average rent price: $1,280
The Austin real estate market is hot. The average home price in Austin is the highest in the state, yet, the demand for rental units is high, making it an excellent location for a rental property.
On average, rents are higher in Austin; however, the lower range of rent prices is still very affordable. Austin’s median household income is lower than some other cities listed above, so people have a little less income to spend.
Austin offers plenty to do, with a wide range of cultural and recreational offerings.
Which cheapest city to rent in the Lone Star State is calling you? All of these cities have thriving communities, healthy real estate markets, and strong economies.
All of them attract new residents thanks to affordable rent, strong employment opportunities, good public schools, and proximity to outstanding attractions worldwide. Many of these people will be looking for communities that have affordable rent prices and a thriving economy.
Affordable cities like El Paso, San Antonio, Dallas, Houston, and Austin provide some of the best that Texas has to offer without the high price tags!
If you’d like to explore these communities further and see if investing in property in one of these cities is right for you, we invite you to reach out to FastExpert.com. As a company that connects people buying or selling a home with top real estate agents, we can match you with the perfect real estate agent who understands your motivation for investing in Texas.
We make it easy for you to hire the right real estate agent, and we provide convenient options to easily compare top agents to simplify your selection. Give us a try and discover why over 400,000 happy clients choose FastExpert!